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24-6-222. Refund of contributions.
Arkansas Code — all titles (historical 2020) · legal_authorities
24-6-222. Refund of contributions.
(a)(1) In the event a member leaves the employ of the Division of Arkansas State Police prior to the date he or she becomes entitled to retire with a pension payable from funds of the State Police Retirement System, he or she shall be paid, upon his or her written application filed with the Board of Trustees of the State Police Retirement System, the accumulated contributions standing to his or her credit in the members' deposit account if his or her separation from the employ of the division occurs after five (5) years from the date he or she last became a member of the system.
(2) If his or her separation from the employ of the division occurs within a period of five (5) years from and after the date he or she last became a member of the system, he or she shall be paid, upon his or her written application filed with the board, his or her accumulated contributions standing to his or her credit in the members' deposit account less the total interest credited to his or her individual account therein.
(b)(1) In the event a member who has twenty (20) years or more of credited service leaves the employ of the division for any reason except his or her retirement as provided in this subchapter, or his or her death, he or she may, if he or she so chooses, remain a member for the exclusive purpose only of receiving his or her pension as provided in § 24-6-214.
(2) The pension shall come the first day of the calendar month next following the month in which his or her application therefor is filed with the board or after the attainment of age fifty (50).
(c)(1) In the event a member dies and does not leave a beneficiary entitled to a pension payable from funds of the system, his or her accumulated contributions standing to his or her c
Source: Arkansas Code — historical release 78 (November 6, 2020) · 24-6-222
Stored review status: Historical 2020-11-06 source release; later amendments not reconciled; machine-extracted, not independently legally reviewed; source heading status: text_in_historical_source. A text match is a research starting point; applicability is not established.
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Record provenance
Stable record: arkansas_code:legal_authorities:24-6-222
Source file: gov.ar.code.title.24.odt
Pages: Not recorded – Not recorded
Passage SHA-256: 1c3de5adb91d97d4b78529f956718d59be3d8acbab665a489e3dd93618a67915
Source location: content.xml paragraph 4693
Stored source content
24-6-222. Refund of contributions.
(a)(1) In the event a member leaves the employ of the Division of Arkansas State Police prior to the date he or she becomes entitled to retire with a pension payable from funds of the State Police Retirement System, he or she shall be paid, upon his or her written application filed with the Board of Trustees of the State Police Retirement System, the accumulated contributions standing to his or her credit in the members' deposit account if his or her separation from the employ of the division occurs after five (5) years from the date he or she last became a member of the system.
(2) If his or her separation from the employ of the division occurs within a period of five (5) years from and after the date he or she last became a member of the system, he or she shall be paid, upon his or her written application filed with the board, his or her accumulated contributions standing to his or her credit in the members' deposit account less the total interest credited to his or her individual account therein.
(b)(1) In the event a member who has twenty (20) years or more of credited service leaves the employ of the division for any reason except his or her retirement as provided in this subchapter, or his or her death, he or she may, if he or she so chooses, remain a member for the exclusive purpose only of receiving his or her pension as provided in § 24-6-214.
(2) The pension shall come the first day of the calendar month next following the month in which his or her application therefor is filed with the board or after the attainment of age fifty (50).
(c)(1) In the event a member dies and does not leave a beneficiary entitled to a pension payable from funds of the system, his or her accumulated contributions standing to his or her credit in the members' deposit account at the time of his or her death shall be paid to such person or persons as he or she shall have nominated by written designation duly executed and filed with the board.
(2) If there is no designated person surviving the member, his or her accumulated contributions shall be paid in accordance with the laws of descent and distribution of the State of Arkansas.
(3) The payments may be made directly to a curator, guardian, administrator, or executor authorized to receive such payments, wherever the representative may be, with or without the appointment of a representative in this state.
(d) Refunds of a member's contributions or accumulated contributions, as the case may be, may be made in equal installments according to such rules as the board may adopt from time to time.
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Arkansas Code — all titles (historical 2020) · legal_authorities
24-6-214. Benefits generally — Contributory member.
(a) Upon his or her retirement as provided in this subchapter, a member shall receive a straight life pension equal to the following sum: Two and nine hundred forty-nine thousandths percent (2.949%) of his or her final average compensation multiplied by the number of years, and any fraction of a year, of his or her credited service not to exceed twenty (20) years, plus the sum of two and three hundred fifty-nine thousandths percent (2.359%) of his or her final average compensation multiplied by the number of years, and any fraction of a year, of his or her credited service in excess of twenty (20) years but not in excess of twenty-five (25) years, plus one and eighteen-hundredths percent (1.18%) of his or her final average compensation multiplied by the number of years, and any fraction of a year, of his or her credited service in excess of twenty-five (25) years but not in excess of thirty (30) years.
(b)(1) In the event a member who has acquired twenty (20) years or more of credited service retires prior to attainment of age fifty (50), as provided in this subchapter, his or her pension, as provided for in subsection (a) of this section, shall be reduced one-half percent (0.5%) multiplied by the number of completed months in the period from the date he or she requests his or her pension to begin to the date he or she would have attained age fifty (50).
(2) In the event a member with five (5) years or more of credited service in the State Police Retirement System ceases to be employed as a state police officer prior to reaching fifty (50) years of age and does not withdraw his or her accumulated employee contributions to the system, the member shall be entitled to receive a pension upon reaching fifty (50) years
Source: Arkansas Code — historical release 78 (November 6, 2020) · 24-6-214
Stored review status: Historical 2020-11-06 source release; later amendments not reconciled; machine-extracted, not independently legally reviewed; source heading status: text_in_historical_source. The source passage cites 24-6-214. This identifies an authority to review, not proof of applicability.